meta

Meta sparks tech selloff as AI splurge spooks Wall Street

Shares of Meta Platforms META sank nearly 15% on Thursday, sparking a selloff in big tech stocks after the social media giant signaled its costly bet on AI would take years to pay off. The premarket drop was set to erase more than $180 billion from the company's market value and triggered a drop of 2% to 5% in shares of AI-focused firms Microsoft MSFT.O, Alphabet and Snap SNAP. Meta CEO Mark Zuckerberg, who floored Wall Street last year with his cost-cutting drive, said on a post-ear...

April 9, 2024 12:27 PM

Malaysia sees surge in social media content restriction requests

Malaysia urged Facebook operator Meta META.O and short video service TikTok to step up monitoring on their platforms, it said on Tuesday, with the government reporting sharp increases in harmful social media content this year. In the first three months of 2024, the government referred 51,638 cases to social media platforms, including Meta and TikTok, for further action, up from 42,904 cases recorded in the whole of last year, the communications regulator and Malaysian police said in a joint sta...